Game Changer?.. but do it right!
Autonomous Artificial Intelligence or AAI is a game changer for financial services in two very important aspects namely automating routine tasks and the ability to analyse vast amounts of data and behavioral patterns that allude to better client product offering and service.
Many operational tasks are repetitive in nature and are carried out by humans. The first wave of reduction was outsourcing or offshoring that allowed the process to get more focus and often benefited from cheaper labor. Automation allows that process to be fully automated and the use of intelligence allows a machine (bot) to take on the task of decisions and directive that are preprogrammed or learnt autonomously. The effect is not only labor reduction but a substantially enhanced rate of continuity in error free processing.
Improvements in gaining greater share of client wallets and business continuity from clients through the lifecycle is a major aspect for many in financial services. The ability to sift through vast amounts of data inhouse from all areas of an organization and compare this to outside data, be it news, behavioral pools of data studies, life statistics and website activity really does power a new form of deep analytics which is imperative for a competitive edge. The ability to selectively provide clients with specific products that meet their requirements is essential and more so, is the need to deliver these products in a timely and efficient manner.
The challenge is to integrate AI into an organization in a manner that enables the organization to truly reap the benefits whilst achieving effective enterprise wide deployment - enabling staff to fully embrace and leverage the technological improvements. This transformation changes the way in which the organization thinks about institutional data access and ownership and creates the ability for different proprietary resources within the ecosystem to integrate with the financial services company. Whilst hurdles exist, they can be overcome with the right approach and support.
Alfasec Advisors working closely with its associates have been actively helping clients to develop and enhance there deliveries in AI.